Services sector 2nd largest beneficiary of bank loans

The Central Bank of Egypt (CBE) said that the services sector, notably tourism, is the second largest economic sector that benefits from bank loans in Egypt, following the industrial sector which ranks first.

The CBE added in a recent report that the services sector obtained 29.75% of total credit facilities granted by banks to customers until the end of October 2017.

A credit facility is a type of loan made in a business or corporate finance context, granted by banks to customers, including revolving credit, term loans, committed facilities, and letters of credit used for importing operations.

According to the CBE, the total credit facilities’ value reached about EGP 1.4331tn by the end of October 2017.